GST implies a slow of indirect taxes with a unified tax and is therefore expected to reshape the country’s 2.4 trillion dollar economy dramatically. GST is considered to be the biggest taxation reform in the history of Indian economy. Project cover page; Acknowledgement; Index; Introduction to Goods and Service Tax (GST) Need of GST in India; History /Timeline of GST implementation in India The GSTN’s authorized capital is 10 Crore in which Central Government holds 24.5% of shares while the state government holds 24.5 percent, Non-Government Financial Institutions hold the remaining 51%, HDFC and HDFC Bank hold 20%, ICICI Bank holds 10%, NSE Strategic Investment holds  10%, and LIC Housing Finance holds 11%. The subsuming of the State as mentioned earlier and Central indirect taxes into just one tax will also provide a major life to the Government’s ‘Make in India’ campaign, as Goods that are produced or supplied in the country will be competitive not only in national markets but in the international ones as well. In the 2014 Lok Sabha election, the Bharatiya Janata Party-led NDA government was elected into power, this time under the leadership of Narendra Modi. MARG ERP9 is very simple and user-friendly software. GST has only 4 proposed tax rates of 5%, 12%, 18% and 28%. Tax credit for inputs will, therefore, not be available to related industries like the plastic industry, which as heavily dependent on petroleum products. Truck travel time in an interstate moment dropped by 20%, because of no interstate check posts. Contents1 INTRODUCTION:2 OBJECTIVES OF BUSINESS PLAN.3 NEEDS OF A BUSINESS PLAN4 IMPORTANCE5 BUSINESS OBJECTIVE6 BUSINESS …, Your email address will not be published. Unit: Macroeconomics Topic: GST (Goods and Services Tax) ▽ Check out my other projects ▽ Accountancy • Comprehensive Project - 1: https://youtu.be/4y6LY6__yeA • Analysis of Cash Flow Statement: https://youtu.be/HCa-HBkpHmQ ▽ Business Studies • Changes in the import and export patterns: https://www.youtube.com/watch?v=lKHgT... • Changing role of women: https://youtu.be/lvcn-VQgUG8 • MARKETING MANAGEMENT ◦ Beverages: https://www.youtube.com/watch?v=vJxwn... ◦ Mobile: https://www.youtube.com/watch?v=mUq6H... ◦ Sarees: https://youtu.be/s2erj6tkLHw ◦ Toothpaste: https://www.youtube.com/watch?v=JZll_... • Principles of Management: https://www.youtube.com/watch?v=HzuZ2... ▽ Economics • Demonetization in India: https://youtu.be/ksnIU6ewifE • Government Budget & Its Components: https://youtu.be/Uc9EKqBOXAA. When the GST Council met on 11th June 2017, the GST rates were revised for 66 items. Each state will be having its own state Authority to collect SGST. GST rates are divided into five categories which are 0% , 5%, 12%, 18%, 28%. So far, the fiscal year 2017-18 business will follow the old tax structure for the first three months and GST for the following months. The goods and services tax (GST) is a tax on goods and services sold domestically for consumption. For GST, though, as it is a completely new tax system, small businesses will require professional help as most of them do not hire professionals and prefer to pay taxes and file returns on their own to save costs. This single most important tax reform initiative by the government of India since independence provides a significant fill up to the investment and growth of our country; it should be assured that the benefit of input credit ultimately enjoyed by final consumers. Tally ERP9 is India’s most popular business software and GST Software. NCERT Books for Class 12 Economics form the base for students who seek to pursue their career in Economics. The tax is included in the final price and paid by consumers at … Thus for many sectors, the tax burden will increase, which in turn will increase the price of final goods. Simplified tax structure with fewer exemptions. Petrol and Diesel are required to run factory machinery, and the unavailability of the input tax credit on petroleum products will most probably push up the final price of all manufactured goods. Nowadays, many SMEs operate through their online shopping websites or through third party websites to sell to different parts of India. The official Android mobile app can be used for generating an away bill, with powerful features for cash generation and for maintaining records. Goods and Services are divided into five tax slabs for collection of tax – 0 percent, 5 percent, 12 percent, 18 percent, and 28 percent. Goods and Services Tax. IGST will be equal to State GST plus Central GST, more or less, thus bringing uniformity in taxation on both local as well as imported goods. MyCBSEguide provides solved papers, board question papers, revision notes and NCERT solutions for CBSE class 12 Economics. Whether it is the filing of returns, filing of refund claims, payments of taxes, and event registration, all processes will be done online via GSTN. It also includes all the details regarding the GST for CBSE class 12 The effective tax rate remains constant and lower in the Post-GST period in comparison to the traditional tax system. About Class 12 Economics Notes and Study Materials: Byjus.com brings to you Class 12 Economics Notes and Study Materials so that your studies become more interesting. The fame states piloting are Andhra Pradesh, Gujarat, Kerala, Telangana, and Uttar Pradesh, which accounts for 61% of the Inter-State E-way bills, started mandatory inter-state e-way bill from 15th April 2018 to further reduce tax evasion. We are providing CBSE project on Economics for Class 12 on GST ( Goods and Service Tax ). Download CBSE class 12 Economics study material in PDF format. Though the session was attended by high-profile guests from the business and the entertainment industry, including Ratan Tata, it was boycotted by the opposition due to the predicted problems that were bound to happen for the middle and lower class Indians. We are learning Commerce, and we must have minimum knowledge about the country’s economic policies. SGST is an important part of GST. Union Territory Goods and Services Tax (UTGST). Every individual must analyze the whole facts related to GST. Class 12 Economics provides a wide range of concepts and advanced information regarding the subject which includes all the questions provided in the CBSE Class 11 Economics Syllabus. Products and Services will be allowed to move freely across the country. If you continue browsing the site, you agree to the use of cookies on this website. For example, if the supply of goods and services occurs between Gujarat and Maharashtra, IGST will be applicable. Arun Jaitley introduced the GST Bill in the Lok Sabha, where the BJP had a majority. This is a Class 12 Economics Project as per the guidelines 2019-20, CBSE. The reform is also expected to improve the country’s ranking so far as the ‘Ease of Doing Business Index’ is concerned. This will increase the burden of compliance. Finally, in August 2016, the Amendment Bill was passed. GST applies to a few items. Assam includes GST in Class 12 Economics . The input tax is given to the state governments, which they can utilize only against the payment of CGST. Uniform procedures for registration, filing of returns, payment of taxes, and tax refunds. Revenue collected under SGST belongs to the State Government. Zoho Books is a product GST-ready accounting software. You can change your ad preferences anytime. GST will merge then and lower the number of returns as well as the time spent on tax compliances. Economics concentrates on how governments, business, households, societies and individuals make choices about when, where and how to use their natural resources at its best. To know about the Impact of India’s Goods and Services Tax (GST) on its economy. The textbook contains all the necessary topics and concepts that need to be studied in Class 12. It was successfully introduced in Karnataka from 1st April 2018. Question may be asked like…. No anti-inflationary measures: Every country that follows GST experience a hike in inflation when they introduced it. This is a Class 12 Economics Project as per the guidelines 2019-20, CBSE. GST. The tax replaced existing multiple cascading taxes levied by the Central and State Governments. The verification of input tax credit will be done online, too, and input tax credits across the country will be matched electronically, thereby turning the process into an accountable and transparent one. The single GST replaced several taxes and levies, which included: central excise duty, services tax, additional customs duty, surcharges, state-level value-added tax, and Octroi. Assam Includes GST In Class XII Economics Curriculum November 12, 2017 ICN WORLD Assam became the first state in the country last year to ratify the Constitution Amendment Bill on GST after the Lok Sabha passed the Bill in December last year. 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